Mar 20, 2008

The big breakup

Tribune Company owner Sam Zell hinted last week he might sell off company assets and now, according to the New York Times, three media moguls are angling to buy Newsday.

News of a possible sale comes as Zell ponders the ugly year he's had at the helm of his media empire.

From the Times: Tribune made public its 2007 results Thursday, showing why it is eager to unload assets. The company, which has been controlled by Samuel Zell, the Chicago real estate magnate, since the end of last year, reported a loss of $78.8 million for the fourth quarter, compared with a $239 million profit in the year-earlier quarter. For the full year, it reported a profit of $86.9 million, down from $594 million.

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